The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and expand social protections as the kingdom struggles with mounting debt.

Saudi Arabia is transforming its culinary arts into a cultural ambassador, blending tradition with innovation. Through culinary education, tourism, and global collaborations, the Kingdom showcases its rich heritage, fostering cultural exchange and positioning Saudi cuisine on the international stage.

Riyadh, Saudi Arabia -- The Dakar Rally 2025, the largest and longest race in the world of motorsports, is set to kick off on Friday from Bisha, marking the sixth consecutive year the Kingdom hosts this thrilling event.Over 800 participants are poised for the fierce competition, which runs until January...

Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion ($1.08 billion) from SAR 15.999 billion ($4.32...

Last week, in an interview with Saudi-owned Al Arabiya television, Sharaa said Saudi Arabia "will certainly have a large role in Syria's future", pointing to "a big investment opportunity for all neighbouring countries".

Riyadh, Saudi Arabia - Minister of Education Yousef bin Abdullah Al-Benyan alongside U.S. Ambassador to Saudi Arabia Michael Ratney, on Wednesday launched the Saudi-U.S. Higher Education Partnerships Forum. Organized by the Ministry of Education in collaboration with the U.S. embassy in Saudi Arabia and the Institute of International Education (IIE),...

Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1" with an improvement in outlook from "stable" to "positive," according to its recently issued report. In its report, S&P explained that its affirmation of the Kingdom's strong credit rating results...

The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification and innovation, according to ADL report.

The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing residential ownership.

Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both flight numbers and passenger traffic, according to a report by the General Authority of Civil Aviation (GACA). In a statement released by GACA, it was revealed that the Kingdom experienced...

Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the planned target of SAR12.4 billion ($3.348 billion) by 33%. They represented 5.2% of the total credit facilities for non-oil exports in the Kingdom. Saudi EXIM Bank disbursed a total of...

Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...

Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...

Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as a potential global hub for AI and related industries, citing its competitive advantages, leadership in clean energy resources, political commitment, robust funding capabilities, and developing human talent. Delivering a speech...

Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom's film...

Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the retail sector contributes 23 percent of non-oil GDP of the kingdom, predicting its growth will surpass SR460 billion ($122.6 billion) by the end of 2024.  The minister made these statements...

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...

Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023 compared to 2019 among large destinations, achieving an increase of 56%, according to the World Tourism Barometer report released last month. The kingdom recorded a remarkable tourism recovery rate of...

AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to organize an economic forum in the Kingdom. This event, on April 21, aims to enhance financial, industrial and commercial partnerships among Iraq, Jordan and other countries in the region. The...

Abu Dhabi, United Arab Emirates--Tunisian tennis star Ons Jabeur on Saturday threw her support behind the potential staging of the WTA Finals in Saudi Arabia, urging critics to be "more informed" on the Kingdom's interest in the sport. Jabeur, a three-time Grand Slam finalist and former world number two, said she...

Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a more optimistic outlook. The latest forecast anticipates a 5.5% growth rate for the Kingdom in 2025, representing an increase from the initial projection of 4.5% made in October 2023. The...

The growth aligns with the aims of national logistics strategy.

Riyadh, Saudi Arabia - Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Wednesday said that the Kingdom’s mineral wealth currently stands at $1.3 trillion, with a target to increase it to $1.5 trillion.Speaking at the third annual Future Minerals Forum (FMF) held in Riyadh on January 10-11, Al-Rumayyan said the...

It will help the kingdom in the processing of aluminum.

Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment of US$3.46 billion during 2023, contributing to the kingdom's growth in international indicators and solidifying its position as a global logistics center. In order to enhance the attractiveness of Saudi...

Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to establish their regional headquarters within the Kingdom. The Ministry of Investment of Saudi Arabia (MISA), in collaboration with the Ministry of Finance and the Zakat, Tax, and Customs Authority (ZATCA),...

AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical preparations by 28.2 percent, while other materials' grew by 12.2 percent, as per figures monitored by Petra based on official statistical data. The value of national exports of jewelry until...

The upcoming summit is being organised by the Organisation of Islamic Cooperation (OIC), a 57-member bloc of majority Muslim countries. It will be Raisi's first visit to the kingdom since the two countries agreed to restore diplomatic relations after seven years of estrangement, a deal brokered by China in March.

Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters to the Kingdom, Saudi ministry of finances said. The Regional Headquarters Program, a collaborative effort spearheaded by the Ministry of Investment and the Royal Commission for Riyadh, is working diligently...

The WSJ's report, released on Monday, cited anonymous sources stating that while talks between Tesla and Saudi Arabia were in their infancy, the outcome remained uncertain. The report highlighted potential roadblocks, including Musk's reportedly strained relationship with the Saudis and the presence of Lucid Motors, a Tesla competitor, which is...

Riyadh, Saudi Arabia - About 92% of respondents in Saudi Arabia consider ‘critical national infrastructure’ and are willing to pay more for sustainable broadband with roughly a quarter of them prepared to pay over 20% more for eco-friendly connectivity., a Cisco survey in the kingdom has found.  The survey, encompassing...

Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in July, according to official data. The Saudi Central Bank, also known as SAMA, said that the aggregate assets of these banks also rose 8.84 percent year on year in July...

Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the seventh season of archaeological excavation there. The new discoveries, including architectural features of residential and industrial units with gypsum-coated walls and floors, are an extension of previous discoveries over the...

Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to official figures. However, foreign trade data issued by the Department of Statistics (DoF) indicated that the national exports to Egypt in the first five months of 2023 dropped to reach...

Riyadh, Saudi Arabia - Saudi Arabia exported 321,000 tons of dates in 2022 worth 1.28 billion Saudi Riyals ($342 million), marking a 5.4 percent growth compared to the previous year. The growth trend is even more impressive when considering the long-term figures. In 2022, the Kingdom's dates exports surged by...

Riyadh, Saudi Arabia--ROSHN, the Saudi real estate developer, has signed a memorandum of understanding (MoU) with the Expenditure and Project Efficiency Authority, known as Expro, to develop real estate in the kingdom.  The MoU looks to improve the efficiency and sustainability of the Public Investment Fund-backed giga-project, as well as boost...

Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via VR, boosting the 'wow' factor with unique projects for global visitors.

On Friday, two days after the last major ritual, tens of thousands of people packed roads and boarded buses out of Islam's holiest sites in Mecca, bringing the hajj to a close, the AFP correspondent said. They departed after performing a farewell "tawaf" - circling seven times around the Kaaba,...

Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism sector, luring 1.3 million cruise visitors by 2035. According to media reports, AROYA, though a part of Cruise Saudi, will run as an independent business unit. Its name was formed...

Riyadh, Saudi Arabia-- In order to boost the travel and tourism industry in the kingdom, Saudi Arabia will offer instant e-visa options to visitors, facilitating UK, US, and Schengen visa holders, as well as permanent residents of UK, US, and any EU country to obtain tourist e-visas. Saudi Arabia had...

Riyadh, Saudi Arabia - Portuguese star Cristiano Ronaldo pledged to remain in Saudi Arabia next season on Thursday despite failing to land any silverware since his lucrative move to the oil-rich kingdom. Ronaldo's January signing for Al Nassr has been followed by speculation about how long he will stay, including...

Amman, Jordan - Jordan's total exports experienced positive growth of 6.3 percent in the first quarter of 2023, reaching a total of JD2.118 billion ($2.98 billion). This is compared to JD1.993 billion ($2.80 billion) recorded in the same period of 2022, according to official figures. Monthly data released by the...

The kingdom received about 7.8 million international tourists for all purposes during the first quarter of 2023, representing its highest quarterly performance.

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 197%. Subscriptions worth BD 84.706 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which...

Riyadh, Saudi Arabia - Saudi Arabia is launching tourism projects worth SAR 1.5 billion ($400 million) in the targeted destinations around the kingdom.  The Saudi Ministry of Tourism has sponsored ‘The Collective’ initiative launched by Kerten Hospitality, a hotel investment firm, to establish its projects under one umbrella.  The announcement...

Amman, Jordan-- With an eye on boosting its exports to North America, a range of companies from Jordan will showcase their products at the 18th edition of SIAL Canada food fair, which will kick off in Toronto on Tuesday. The three-day event, which is one of the largest international food...

Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market.  The rules framed by the Capital Market Authority (CMA) include those for Foreign Investment in Securities, amendments to the Investment Accounts Instructions, amendments to the Implementing Regulation of the Companies...

Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost its presence in the gaming sector. The agreement between the Saudi ministry of investment and Wemade will enable the South Korean firm to widen its footprint in the kingdom. Wemade...

The kingdom hopes that its regulatory incentives and strategic location would help it compete with the UAE, whose tax-free zones such as Jebel Ali have made it a regional hub for multinational corporations.

Jeddah, Saudi Arabia - Saudi Crown Prince Mohammed bin Salman bin Abdulaziz on Monday  met the Saudi astronauts: Rayana Bernawi, Ali Al-Qarni, Mariam Fardous and Ali Al-Ghamdi before the launch of the kingdom’s scientific mission to the International Space Station (ISS). The Crown Prince welcomed the crew of the scientific...